Featured Company News - Bio-Techne Acquires Trevigen in an All-cash Deal

LONDON, UK / ACCESSWIRE / September 8, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Bio-Techne Corp.
TECH, +0.03%
following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=TECH. The Company announced on September 05, 2017, that it acquired all the stock of Trevigen in an all-cash deal. Trevigen is a Gaithersburg, Maryland based firm that offers products and services to the biotech research community. For immediate access to our complimentary reports, including today's coverage, register for free now at:

Discover more of our free reports coverage from other companies within the Biotechnology industry. Pro-TD has currently selected Mesoblast Limited
MESO, +2.75%
for due-diligence and potential coverage as the Company reported on August 29, 2017, its financial results for Q4 FY17 and FY17 which ended on June 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Mesoblast when we publish it.

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Charles R. Kummeth, President and Chief Executive Officer at Bio-Techne, shared his views about the acquisition, expressing his pleasure on having Trevigen as part of Bio-Techne Corporation. Scientists and entrepreneurs Dr. Jack Chirkjian and Dr. Michael Elliot founded Trevigen in 1992.

He highlighted that Bio-Techne has been selling Trevigen products for many years now and is hence well acquainted with its product line. In fact, Trevigen products complement Bio-Techne's current product line. This would make it easier for the Company to reach customers interested in their products and also enable them to better understand cell behavior and genotoxic events on cells.

Studying DNA damage and the apoptotic cell process is a critical aspect of understanding drug action. And the availability of appropriate tools improves the study as well the understanding. Nowadays, more and more drug testing is being conducted on physiologically more appropriate cell models such as 3D cell cultures. The presence of membrane extracts products boosts the growth of these cells, such as the Cultrex product line. And this makes these products a significant addition to the Bio-Techne's product line

A Strategic Fit

Dr. Michael Elliot, Chief Executive Officer at Trevigen, also believes that there is a strategic fit for both the Companies. Both Trevigen and Bio-Techne share the passion to empower cutting-edge science with quality reagents. His views are in-line with that of Charles R. Kummeth.

Dr. Michael Elliot highlighted that Trevigen has had a long-standing business relationship with Bio-Techne. He also expressed his pleasure on having found the perfect home for Trevigen's products. A wider range of products would help both the Companies serve their customer more efficiently. It will also open up an additional market channel for Trevigen's products in the global market.

Financial Implications

The total value of the transaction has not yet been disclosed. But, Bio-Techne announced that it intends to finance the transaction through its existing cash on hand. Bio Techne expects the acquisition to be accretive to its adjusted earnings per share (non-GAAP EPS) for the fiscal year 2018.

Legal and Financial Advisors

For the transaction, Fredrikson & Byron P.A. is acting as Bio-Techne's legal advisor. On the other hand, CrossTree Capital Partners Inc. is serving as the financial advisor to Trevigen while Miles & Stockbrige P.C. is serving as its legal counsel.

About Bio-Techne Corporation

Bio-Techne is a leading developer and manufacturer of high quality purified protein such as cytokines and growth factors, antibodies, immunoassays, as well as biologically active small molecule compounds. These are sold to biomedical researchers and clinical research laboratories.

Bio-Techne products assist scientific investigations for biological processes and the nature and progress of specific diseases. They also help in drug discovery efforts and provide the appropriate means for accurate clinical tests and diagnoses.

The Company achieved net sales of around $563 million in fiscal 2017 and employs nearly 1,800 employees worldwide.

Last Close Stock Review

At the closing bell, on Thursday, September 07, 2017, Bio-Techne's stock slightly fell 0.85%, ending the trading session at $120.62. A total volume of 248.16 thousand shares have exchanged hands, which was higher than the 3-month average volume of 153.91 thousand shares. The Company's stock price rallied 6.12% in the last three months, 12.58% in the past six months, and 9.75% in the previous twelve months. Moreover, the stock surged 17.30% since the start of the year. The stock is trading at a PE ratio of 58.58 and has a dividend yield of 1.06%. The stock currently has a market cap of $4.50 billion.

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